IOC loss at Rs 1992 crore
The Indian Oil Corporation (IOC) on Friday reported a net loss of Rs 1,992.53 crore for the June quarter as it sold fuel at a discount in the domestic market while its costs jumped. The net loss in April-June compared with a net profit of Rs 5,941.37 crore in the same period a year ago, the company said in a stock exchange filing.
This is the first quarterly loss in over two years. In January-March 2020, the company reported a net loss because of inventory losses. Indian Oil chairman S.M. Vaidya said: “Indian Oil sold 24.648 million tonnes of products, including exports, during the first quarter of the financial year 2022-23.
Our refining throughput for Q1 2022-23 is 18.936 million tonnes and the throughput of the corporation’s countrywide pipelines network, including gas pipelines, is 24.649 million tonnes during the same period.
